Court reserves orders on I-T seizing stocks of AP Breweries

Court reserves orders on I-T seizing stocks of AP Breweries
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A two judge bench of the High court at Hyderabad comprising Justice Ramesh Ranganathan and Justice M Satyanarayana Murthy on Tuesday reserved its verdict in a batch of writ pleas filed by various breweries challenging the action of the IT department in seizing their stocks lying with the erstwhile AP Beverages Corporation towards recovery of huge tax dues from the company of the erstwhile State.

A two judge bench of the High court at Hyderabad comprising Justice Ramesh Ranganathan and Justice M Satyanarayana Murthy on Tuesday reserved its verdict in a batch of writ pleas filed by various breweries challenging the action of the IT department in seizing their stocks lying with the erstwhile AP Beverages Corporation towards recovery of huge tax dues from the company of the erstwhile State.

Earlier a division bench which had admitted the writ pleas had permitted the corporation to sell the attached goods and retain the net proceeds from the sale after paying the manufacturers cost and other expenses. It was brought to the notice of the bench in a batch of 48 cases that out of a sum of Rs.489 crores obtained from the sale only a few odd lakhs were remaining.

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